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Chevron Exploring Equity Interest in Mitsubishi Power and Magnum Green Hydrogen Hub in Utah

September 9, 2021

Chevron is poised to acquire an equity interest in the Advanced Clean Energy Storage project, a developing green hydrogen hub that could support more than 1 GW of electrolysis facilities and store 5,500 metric tonnes of their produced green hydrogen in salt caverns near Delta, Utah.

The integrated energy giant on Sept. 9 announced that it agreed, through its Chevron New Energies division, “on a framework” to acquire an equity interest in ACES Delta, a 2019-formed joint venture between Mitsubishi Power Americas and Magnum Development that owns the Advanced Clean Energy Storage project. Chevron, Magnum, and Mitsubishi Power are currently negotiating definitive documentation outlining Chevron’s participation in the joint venture.

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